Insurance premium payment: Axis Max Life, Bajaj Life and others

Renaming doesn't change your policy. Premiums, cover, nominees and policy numbers carry over. What changes is the name on receipts, emails and biller lists, so search for the new name when you pay.

Insurers listed on Bharat BillPay can be paid on Subspace. The app fetches the premium due against your policy number, so you don’t need to type the amount.

If you miss a due date, your policy doesn't lapse immediately. Life policies usually give a grace period of 15 days for monthly premiums and 30 days for quarterly, half-yearly or yearly premiums. IRDAI's 2024 health insurance rules set the same 15 and 30 days for health policies paid in instalments, and require cover to continue during that window.

Pay within the grace period and the policy continues as normal. Miss it and the policy can lapse; reviving it later usually means paying arrears, possibly with interest, and sometimes a medical check. Your policy document states the exact grace period and revival terms, so check it if you're close to the deadline.

Insurers also accept premiums on their own websites and apps, usually by logging in with your policy number or registered mobile. Most offer auto-debit, through NACH, e-mandate or a card standing instruction, which is the surest way not to miss a date.

Whichever route you use, download the premium receipt from your insurer. If you claim tax deductions on premiums, check which deductions apply under the tax regime you've chosen; the old and new regimes treat insurance premiums differently. Paying several policies? Keep them in one app with your loan EMIs and card bills, so due dates don't slip.